Despite the damaged reputation of the industry, misguided holiday makers all around the country are still signing up to timeshares. Timeshare companies often mislead their customers into believing that they’re getting a good deal.
Because timeshares look so appealing on the surface, consumers often do not scratch beneath to find out what they’re really getting themselves into. So, with so many people holding timeshares which they’re not happy with, here’s a list of three reasons why you shouldn’t sign up to a timeshare this year.
They don’t generate an income
Contrary to the popular belief, you won’t actually accumulate any short of income by buying into a timeshare. When you sign up to a timeshare, you don’t actually own part of the property, so you won’t benefit from any increase in value that may come about.
We spoke to Timeshare Consumer Association who said: “It must be understood that timeshares are an expense, not an income – they will drain you of your finances as opposed to building them up.”
“As an example, you can’t rent out timeshares to generate extra cash, you will simply just have to keep paying maintenance fees with no return on income.”
You’ll struggle to sell it on
If you find that you’re not happy in your timeshare agreement and, in a lot of cases, people do, it’s incredibly difficult to sell your timeshare. The main reason for this is that the timeshare market is saturated, meaning that there are more people looking to sell than to buy – it’s been this way for a while.
Even if you do find yourself in an anomaly situation where someone is willing to buy your timeshare, it’s would be almost unheard of if you managed to sell it at the price for which you bought it. There have even been cases where people have sold their timeshares for as little as £1 or donated them to charities such as Donate My Timeshare just to be rid of them.
There are plenty of better alternatives
There are so many other holiday alternatives to buying into a timeshare, all of which are more beneficial than timeshares themselves. Purchasing a holiday home is a great alternative than buying a timeshare because you can rent it out when you’re not using it to generate a bit of income.
When you have your own holiday home, you still have all of the benefits of a timeshare, such as privacy and your own kitchen, but you’ll be able to decorate as you please and it’s a more cost effective option.
Many people say that one of the major benefits of a timeshare is that they have a homely feel but, with the rise in popularity of websites like Airbnb where you rent out other people’s homes, it now couldn’t be easier to have your creature comforts in your chosen destination.
With so many better alternatives to buying into a timeshare, it’s hard to believe that the industry is still going strong, so save yourself the hassle and don’t sign up to a timeshare this year!